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Early Paper Money of America / Massachusetts / 1795, etc. Nantucket Bank

The Nantucket Bank was incorporated on Feb. 27, 1795 for 10 years as the third bank in Massachusetts entitled to issue circulating notes. The capital was $40,000 to $100,000. Its debts including bank notes were limited to twice its capital plus its specie deposits. Notes below $2 were prohibited. It was entitled to become a branch bank of the Union Bank by May 1, 1795 if it so voted. Its notes were engraved. An early 19th century issue is shown below.

$2 ▷CF◁ $3 ▷CF◁ $4 $5 ▷CF◁ $10 $20 $30 $40
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